EFG Hermes Assets Management plans to grow AUM by up to 15% this year

EFG Hermes Asset Management plans to grow its assets under management 10-15% this year, Managing Director and head of Fixed Income Khalil El Bawab tells Al Borsa. The firm is planning to snag two money market funds in the coming six months he added. One of the funds will be issued by a bank, which El Bawab doesn’t name, and will be its first money market fund. The fund has already have received CBE sign-off, and awaits approval from the Financial Regulatory Authority. The company has grown its AUM 20% in 2017 to EGP 12.5 bn. Speaking on the drop in interest rates, El Bawab says that he expects these to fall by a total of 300 bps, something he feels will be excellent for fixed income funds.